The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then, Richard Cordray stepped down as CFPB Director. Former Director Cordray’s attempt to name his interim successor hours before submitting his formal resignation created dueling interim directors… Read More
Category Archives: Indirect Auto Lending
Subscribe to Indirect Auto Lending RSS FeedFinancial Services Report – Winter 2015
Posted in Add On Products, Arbitration, Auto Lending, CFPB, Credit Cards, Enforcement Actions, Fair Lending, Indirect Auto Lending, Military Issues, Mobile Payments, Mortgage, Payday Lending, Privacy, Regulatory Developments, Student Lending, UDAAPWe are a full service newsletter, so we offer these can’t-miss Christmas gift ideas for the hard-to-please. Hoverboards are the “It” gift this season, but what about all the poor souls who don’t own one? We’ve devised a remote that lets you seize control from a distance and slam the thing in reverse, toggle forward,… Read More
House Votes to Nix Indirect Auto Bulletin and Expand QM
Posted in CFPB, Fair Lending, Indirect Auto Lending, MortgageThe U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto Financing Guidance Act, H.R. 1737, “[d]eclares without force or effect” the CFPB’s Bulletin 2013-02 (Indirect Auto Lending and Compliance with the… Read More
#ThrowbackThursday: CFPB Fair Lending Guidance for Indirect Auto Lenders—It’s Not Just About Cars
Posted in CFPB, Fair Lending, Indirect Auto LendingIn June 2013, Morrison & Foerster published the client alert “CFPB Fair Lending Guidance for Indirect Auto Lenders—It’s Not Just About Cars.” Summary: Several weeks ago, the CFPB issued a fair lending guidance bulletin (“Bulletin”) directed at financial institutions that make indirect automobile loans. While the Bulletin thus far has not attracted widespread public attention,… Read More
CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers
Posted in CFPB, Enforcement Actions, Indirect Auto Lending, UDAAPOn September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies manipulated borrowers by using phony caller ID information and lying about imminent repossession or criminal charges in order to… Read More